Infrastructure Ontario Invests in Community-Based Infrastructure Projects
January 29, 2021
Ontario continues to support its municipalities and other eligible public-sector partners in their work to improve the quality of life in their communities by providing affordable, long-term financing for infrastructure development and renewal. The provincial government announced that Infrastructure Ontario's (IO) Loan Program has committed to more than $550 million in loans, supporting 159 local infrastructure projects over the past year. The loan portfolio continues to grow and support community needs. "The IO loan program continues to provide affordable long-term financing to help complete a wide range of infrastructure projects across the province," said Laurie Scott, Minister of Infrastructure. "Our goal is to provide support where it is needed to ensure our communities are protected and positioned for recovery." IO committed to financing 159 local projects last year, including:
43 road and bridge projects - almost $70 million in loans, including road/sidewalk rehabilitation projects in the City of Thunder Bay
25 water/wastewater projects - nearly $80 million in loans, including a plant expansion in the City of Quinte West
More than 30 vehicle acquisitions - $12 million in loans, including a fire pumper for the Township of Norwich
Five recreation projects - $9 million in loans, including arena upgrades in the Town of Lincoln
Four housing projects - $7.8 million in loans, including expanded housing for Kingston and Frontenac Housing Corporation
Four long-term care projects creating hundreds of new beds - $184 million in loans, including the Golden Plough long-term care home in Northumberland County
Affordable loans have helped modernize and renew infrastructure in all parts of Ontario, including:
29 projects in Northern Ontario - $46.4 million in loans
63 projects in Eastern Ontario - $294.5 million in loans
64 projects in Southwestern Ontario - $159.5 million in loans
Three projects in Central Ontario - $54.3 million in loans
The Loan Program continues to evolve in order to better meet client needs. Whether through the loan deferral program to assist municipalities and not-for-profit housing and long-term care providers during the pandemic, the introduction of new products, or process improvements, IO is continually looking for ways to build and enhance the program to support communities. The Loan Program is one of Ontario's financing approaches to help municipalities and other public-sector partners renew Ontario's public infrastructure. IO loans provide affordable, long-term financing in support of infrastructure development. Learn more through IO's Loan Program video and website.
IO’s Loan Program is an alternative financing approach that provides affordable, long-term loans to renew and build public infrastructure.
In 2020, through IO’s Loan Program, Ontario committed more than $550 million to support 159 local infrastructure projects in 58 communities across the province. Projects ranged from snow blowers, fire trucks and graders, to storm sewers, landfills and shoreline work, housing, roads and bridges, and more.
Since 2003, more than $11 billion in loans have been approved in support of more than 3,100 community infrastructure projects across the province.
Loans can be used to finance a broad range of capital expenditures including construction and expansions, energy-efficiency projects, and equipment purchases.
IO leverages the strength of the province’s strong credit rating and passes savings along to its borrowers with no additional fees.
Municipalities, municipal corporations, and housing providers make up almost 90 per cent of the loan volume (by value).
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